Raymond Bitar, Full Tilt Poker CEO, Arrested On Charges Of Overseeing $430 Million Ponzi SchemeSubmitted by Bob-45 on Wed, 07/04/2012 - 07:33
The Huffington Post | By James Sunshine
Posted: 07/03/2012 2:47 pm Updated: 07/03/2012 2:47 pm
Won an online poker game and are expecting your money soon? If the game was on fulltiltpoker.com, don't bet on it.
The FBI arrested Raymond Bitar, the CEO of the online gaming site Full Tilt Poker, Monday, on charges he oversaw a $430 million ponzi scheme, according to CNNMoney. Full Tilt owed more than $300 million to online players around the world but only had $60 million in funds to pay off their winnings.
The company allegedly used players' funds to pay off the sites creditors and owners, according to Businessweek.
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